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Q & A
Consolidating Money Hi, thank you for your good advice. I have been
married for 5 years and we always keep our bank accounts separate with
separate budget: I pay the mortgage, he pays the cars. At this point,
with 2 young kids, we would like to know if it would be a better move
to have only one bank account with one budget or it will not make a big
difference?
Name Withheld
This is a very personal choice and I'm a big believer in, "If it isn't broken, don't fix it," so if this is working for you, why change now. I often recommend that couples integrate their budgets and accounts to create a united financial plan that works to meet the family's needs. And I believe that people who keep separate accounts and divvy up the bills tend to communicate less about their money. I am curious as to how you do your financial planning: issues like retirement planning, who saves for the kids' future educations, how you handled maternity leave, and anything else that had an impact on you jointly. Again, like everything else in financial planning, each unique experience
requires a unique solution. If what you have works for you, keep it.
If it's not working as well as it was, change it. |
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